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Meets & Events Contents www.icap.org.pk Volume 38 Issue 4 | April 2015 PAKISTAN NewsletterGovernance, Transparency and Service to Members and Students contents meets & events meets & events IPSAS Board & Canada Chapter Workshop on IFRS 2 Joint Business Research Conference 2015 Managing Committee meeting with KSA Chapter CPD Session Seminar on Investor Education 3 ICAP Council members ICAP & UBL MoU for Co-branded Prepaid Debit Card Chartered Accountants Women’s Forum (CAWF) 4 Celebrates Women’s Day Impacts of Sales Tax on Cotton Ginners & Oil Mills under SRO 188 5 Information Security: Opportunities and Challenges Family Get Together Zafrani Mushaira 6 ICAP Directors Training Program member news Professional Misconduct 9 Quality Control Review New Fellow / Associate Members 10 Top CPD Earners Discounts 11 feedback 12 hr news The Institute of Chartered Accountants of Pakistan (ICAP) Council Talent Hunt Welcome on Board 13 members Abdullah Yusuf and Riaz A. Rehman Chamdia attended Training & Development The International Public Sector Accounting Standards Board (IPSASB) Directors Training Program meeting in Toronto and Santiago. During the Toronto visit, ICAP’s Canada In-house Workshop on Ownership Chapter managing committee members Iqbal Merchant, Syed Shamshad Cyber Security Trainings Husain, Syed Zulfiqaruddin Hyder, Akif Siddiqui and Nazish Rafiq had a English Conversational Circle Club 14 Obituary meeting with ICAP Council member Riaz A. Rehman Chamdia. student section During the meeting Canada Chapter president Iqbal Merchant provided CASA North Inter Firm Tape Ball Cricket a brief overview of the Chapter’s current activities and planned initiatives. Tournament Islamabad 15 GBC Education Expo 2015 Gujranwala The participants discussed potential opportunities which may possibly be Counseling Sessions materialised and how the current challenges can be mitigated with the constrained resources available with the Chapter and further support of ICAP. meet of the month They also discussed other important matters including coordination with The Pakistan Accountant(s) Are Jack and Jill truly dull? 16 local professional bodies, funding strategy and budget, members’ profiling, Chapter’s website and other profession related matters. Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan) UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: [email protected] Newsletter The Institute of Chartered Accountants of Pakistan The Continuing Professional Development (CPD) convener SRC Abdul Rab, FCA commenced the program with recitation from the Holy Quran and brief opening remarks. The chairman SRC Arslan Khalid, FCA delivered vote of thanks and highlighted the importance of conducting such programs for the professional development of the professionals. He presented memento to the trainer and certificates to all the participants. The workshop was attended by almost 70 participants, comprising of both members and non- members. Council member Riaz A. Rehman Chamdia with Canada Chapter Managing Committee. On behalf of the Council and Overseas Committee Riaz A. Rehman Chamdia commended the efforts of the Canadian Chapter for their invaluable contribution and time commitment towards the Chapter’s activities. The Canada Chapter managing committee thanked Riaz A. Rehman Chamdia for the opportunity to discuss matters of mutual interest and for the continued support extended by ICAP. The meeting was followed by dinner hosted by the president Canada Chapter. Workshop on IFRS Mike Turner presenting certificate of attendance to participants for the workshop on International Financial Reporting Standards (IFRS). Joint Business Research Conference 2015 The third annual Business Research Conference on Managing Business in Pakistan was held at Lahore School of Economics, Lahore on April 10 and 11, 2015. The opening speech was delivered by rector, Lahore School of Economics Dr. Shahid Amjad Chaudhry. ICAP Trainer, Mike Turner at the workshop on International Financial participated on the theme Regulatory Environment, Reporting Standards (IFRS). Financial Reporting and Taxation Practices which The Southern Regional Committee (SRC) of the Institute was chaired by vice president ICAP Mohammad of Chartered Accountants of Pakistan (ICAP) organised a Maqbool, FCA. Other speakers included Mobeen two day workshop on International Financial Reporting Ajmal, University of Management and Technology, Standards (IFRS) at Karachi Marriott hotel on March 24 - Muhammad Ali Qamar, partner Advisory Services, 25, 2015. Ernst & Young, Ramsha Rashid, Lahore School of Economics, Iftikhar Taj, FCA, and Jalal Ahsan, FCA. The The trainer was a qualified Chartered Accountant from session topics were Impact of Gratuity Plans recognised the Institute of Chartered Accountants England and Wales under IAS 19 on Stock Valuation, Smart Control, Family (ICAEW), a US Certified Public Accountant and a Certified Governance And Broadening The Tax Base. The purpose Financial Analyst Mike Turner, ACA. The workshop aimed to of the conference was to provide a specialised forum for serve as a refresher for the participants and various topics dissemination of qualitative and quantitative research were covered including current issues on IFRS, improvements with the aim of bridging the gap between academics to IFRS in the last five years, IFRS 2, 10, 11 and 12. and business practices. 2 April 2015 Governance, Transparency and Service to Members & Students www.icap.org.pk KSA Chapter CPD Session Regulation and Development Department Securities and Exchange Commission of Pakistan (SECP) Asif Iqbal, CEO The Institute of Chartered Accountants of Pakistan (ICAP) Al Meezan Investment Management Limited Mohammad Kingdom of Saudi Arabia (KSA) Chapter Continuing Shoaib and deputy director Specialised Companies Professional Development (CPD) Riyadh committee Division SECP Muhammad Asif Paryani. organised a session on First Time Adoption of IFRS in Saudi Arabia on March 18, 2015 in Riyadh. The SECP is endeavouring to launch a countrywide Investor education program that will serve to increase The session chairman was the chairman Accounting awareness of the general public about non-banking Standards committee SOCPA and managing partner financial sector, financial planning, markets and products BDO Al-Amri Gihad Al-Amri and guest speaker was senior and educate them with regard to the risks involved in director Audit KPMG Riyadh Kashif Zafar. the market, and rights and obligations of the investors. The speaker’s presentation was designed to review the guidelines on First Time Adoption of IFRS in Saudi Arabia that every organisation must follow. As announced by SOCPA, all listed companies (other than banks and insurance companies) will apply IFRS from accounting periods beginning on or after January 1, 2017. The presenter ably explained the exemptions granted under IFRS 1 with practical examples. The presenter also ably handled the Q&A session in the end. The CPD event was attended by more than 100 participants, including ICAP, SOCPA and ICMAP members and other finance Guest speakers Mohammad Shoaib, Asif Iqbal and Kamal Ali addressing professionals. President ICAP KSA Chapter Mohammad the Q & A session during the seminar on Investor Education. Iqbal concluded the session and presented memento to the guest speaker. He also thanked the guest speaker and the participants for their presence. Dinner was served at the end of the session. Seminar on Investor Education The seminar on Investor Education was organised by the Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) at ICAP House, Group photograph at seminar on Investor Education. Karachi. The Continuing Professional Development (CPD) convener SRC Abdul Rab, FCA commenced the programme Chairman SRC Arslan Khalid, FCA distributed mementos with recitation from the Holy Quran and brief remarks on and, thanked the participants for their presence. the topic. The guest speakers were the joint director Policy Refreshments were served at the end. April 2015 3 Newsletter The Institute of Chartered Accountants of Pakistan ICAP & UBL MoU for Co-branded in the lives of the service users; enabling parents/students and members to pay their ICAP fee from the comfort of Prepaid Debit Card their own environment. Chartered Accountants Women’s Forum (CAWF) Celebrates Women’s Day The Chartered Accountants Women’s Forum (CAWF) celebrated Women’s Day on March 27, 2015 at ICAP House, Karachi. The theme was Women Changing the World since Birth. In the form of a daughter, a sister, a wife, a mother, a colleague, a friend and many more Group photograph of ICAP and UBL management at the MoU relationships, a woman brings changes in everyone’s ceremony. lives. The women in Pakistan strive hard to build a strong The Institute of Chartered Accountants of Pakistan (ICAP) position in the society and they have to go to that extra joined hands with one of the largest banks in Pakistan, mile to be acclaimed. These thoughts inspired the theme United Bank Ltd (UBL), for the exclusive issuance of a co- for the event which was celebrated with full enthusiasm. branded Visa prepaid card to the students and members of ICAP. This joint initiative is aimed at encouraging the progression of paperless processing, cashless transactions and promotion of the online experience amongst the future corporate managers of Pakistan. With this co- branded prepaid card, the students of ICAP will be able to pay their registration and examination fees at the click of a button online on ICAP’s
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